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July 2017

July 28, 2017

A common question from our pre-license students is "When can a person get a home loan after bankruptcy or foreclosure?" and the answer is always "it depends" for several reasons.

An example we use with our students is that a bankruptcy is different from a foreclosure and they, and many subsets of each, are treated differently by lenders and underwriters. An example of this is that a Chapter 7 bankruptcy filer and a Chapter 13 filer will have different timelines set forth from the discharge or dismissal of their case, and the timeline is a result of the choices made at the time of filing.

Foreclosure and short sale can also be easily confused so real estate professionals are always cautioned to first recommend competent tax and legal advice and second the real estate licensee should suggest that the client or customer also start their home-buying process by visiting with a knowledgeable lender who can guide them through the process.

For those looking for information they can share on the probable or likely timeline,we found the infographic below on Credit Karma and thought that this would be a helpful starting point for any discussion related to these issues that a real estate professional might have with any client or customer.

July 26, 2017

NAR says significant improvements to the “21st Century Flood Reform Act” have cleared the way for endorsement of the bill.

In a welcome press release the National Association of REALTORS® touted changes to the 21st Century Flood Reform Act which includes a commitment to retaining "grandfathering" - a policy that protects homeowners from significant rate increase when a flood map changes. This key provision had been left out of the initial draft of the bill. The new bill limits increases to fees and limits rate increases which earlier versions of the bill had included.

This legislation protects taxpayers, as well as homeowners, which is no easy task. The September 30 reauthorization deadline still looms in front of us, and Realtors® are eager to see this legislation progress quickly. Leaders on both sides of the aisle are well aware that this issue touches 22,000 communities – in every state, both coastal and inland.

-- NAR President William E. Brown

The bill expects to achieve reforms to improve the financial stability of the National Flood Insurance Program, to enhance the development of more accurate estimates of flood risk through new technology and better maps, to increase the role of private markets in the management of flood insurance risks, and to provide for alternative methods to insure against flood peril, and for other purposes.

In February NAR put out their brief on The National Flood Insurance Program, which reads as follows;

NAR Principles for Flood Insurance Reform

(February 17, 2017)

The National Flood Insurance Program (NFIP) was essential to completing nearly a half million home sales in 2015, according to NAR research. However, the program as currently structured is unsustainable for policyholders and taxpayers alike. For these reasons, NAR supports a strengthened NFIP coupled with a robust private market to offer choices and maintain access to flood insurance in all markets at all times. NAR believes:

NFIP reauthorization should be long term.

To keep rates affordable, the federal government should provide pre-disaster risk mitigation options – including guaranteed loans, grants and buyouts for property owners to build stronger or relocate to higher ground.

Private flood insurance options should also be encouraged where cost effective, provided that NFIP remains a viable option for property owners.

Premiums should be more accurately priced to the property specific risk, but any rate increases should be gradual and phased in over many years.

There should be better oversight and training of insurance companies marketing NFIP policies, and an adequately supported Homeowner’s Advocate at NFIP to directly assist policy holders with rate disputes.

Flood mapping should be done at higher resolutions with a streamlined and less expensive appeal process.

July 24, 2017

I’ve been doing a lot of referring these days. Both of my own leads to other Denver-area agents, and also coordinating agent-to-agent referrals around the country (see below if you wanna play, too!).

I’m seeing some distinct differences in how my referrals are handled by the refer-ee, and I tell ya, the ones who handle them better are far more likely to see more from me than those who don’t!

Remember that the referring agent probably has some concerns about you. He’s worried that you’ll forget you owe him a referral fee. That you’ll make him look bad by treating the client poorly. That you’ll drop the ball with the client and cost the refer-er his referral fee. That you’ll resent paying the referral fee when all is said and done. Stuff like that. Reasonable? Maybe not, but I promise you, it’s going thru his head.

So, if you’d like to ensure that your first referral from an agent isn’t your last – here are some tips…

Be appreciative! I mean, sincerely, enthusiastically, over-the-top appreciative. As if this referral is the most generous thing anyone’s ever done for you.

On the other hand, if you aren’t the right (wo)man for the job, disclose that upfront, and offer the name of someone who is. Your helpfulness will be remembered.

Contact the client right away – duh!

LET THE REFER-ER KNOW YOU CONTACTED THE CLIENT (right away) and share all the juicy details of the conversation (within proper privacy limits, of course).

Tell the refer-er how much you enjoyed talking with the client and thank him or her again for the referral.

Keep the refer-er updated on your activities with the client. Let him know when your listing appointment is scheduled or your first showing takes place. As you make progress toward the closing table, let the refer-er know. Be sure to contact the refer-er as soon as the transaction closes.

DO NOT complain about the client or imply in any way that you’re working harder than you usually do for her (which might be interpreted as the beginnings of referral-fee-resentment).

If it turns out the the client isn’t ready to buy or sell right now, don’t fuss about wasting your time and stay in touch with her, and the refer-ee.

Sign and return the referral agreement immediately. No excuses.

And of course, knock yourself out impressing the sox off this referred client. Not only will this bring you future business and referrals from the client, but also from the refer-er.

Speaking of referrals, I just fired up my SWS Referral Network, which is an agent-to-agent referral resource for those who havebought into the Sell with Soul philosophies. It’s been live for a few weeks now and we’ve already placed a dozen or so referrals.

Guest Author Jennifer Allan-Hagedorn has authored seven books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm. You can also visit her online at www.sellwithsoul.com or attend one of her free teleseminars on a variety of topics of interest to the real estate community.

July 21, 2017

Your home could be the biggest single purchase you'll ever make, and shopping for a mortgage to finance that home or to borrow money by taking out a "reverse mortgage" on your house can be overwhelming.

There are many questions to ask, including: How do I get a good interest rate? What costs will I have to pay for a mortgage? Can I negotiate? If I want to buy a house, can I afford to buy the kind of house I'm interested in?

To help answer these kinds of questions, FDIC Consumer News recommends taking the following steps.

Get a copy of your credit reports at least six months before you plan to apply for a mortgage. Doing so will give you time to fix any errors and, in turn, possibly help you qualify for a better, cheaper mortgage. Lenders use your credit reports to help determine if you qualify for a loan and at what interest rate. The higher your credit score, the better the loan terms you may get. You are entitled to a free credit report once a year from each of the three nationwide credit bureaus. Go to AnnualCreditReport.com, the official site to help consumers obtain free credit reports, or call 1-877-322-8228. The Federal Trade Commission offers suggestions on how to fix errors on credit reports.

For advice on buying a home, consider talking to a housing counselor certified by the U.S. Department of Housing and Urban Development (HUD). To find a HUD-approved housing counseling agency near you, go to the HUD website or call 1-800-569-4287. These counseling agencies can offer independent advice, often at little or no cost to you.

Consider the best type of mortgage for you. There are basically two kinds of financing.

Fixed-rate mortgages feature a set interest rate for the entire loan term and predictable monthly payments. These are generally a good option for buyers who plan to stay in their home for a long time or just prefer the predictability of set monthly payments.

Adjustable-rate mortgages (ARMs) may start with a low introductory interest rate that changes periodically in relation to an index rate. Potential borrowers should be prepared for the likelihood that the initial low rate will go up, and that future rate increases sometimes can be sharp and dramatic, greatly increasing the monthly payment. During the term of the loan the interest rate can go as high as the lifetime cap. Many new ARM borrowers assume that their financial situations will improve before there are significant rate increases, but if not, the result can be a financial strain. For these reasons, ARMs are typically best for buyers who plan to live in their home for a limited number of years or expect to pay the mortgage off early. For more information about ARMs, see the article in our Summer 2013 issue.

Contact several lenders. You can shop for a mortgage online, by phone or in person. Many websites have calculation tools that can help you answer questions on what kind of home you can afford and how much your monthly payment will be under different scenarios. HUD's maximum financing calculator is a good place to start.

You might also use a mortgage broker who will arrange for you to get a loan. However, keep in mind that lenders usually pay brokers a fee for their help bringing in new customers, and some lenders may pay brokers more for their services if a borrower agrees to pay a higher interest rate than what the lender itself may be charging for the same loan. When contacting mortgage brokers you should ask how they will be compensated and compare their fees. Also see our Fall 2013 issue to learn about rules intended to protect consumers from being steered into costly or inappropriate mortgages.

Obtain all cost information. Knowing the monthly payment and the interest rate are not enough. You need to understand all of the mortgage costs. By law, lenders are obligated to provide you with a three-page “Loan Estimate” that provides a loan terms summary, estimated loan and closing costs, and additional application information. You can use the Loan Estimate to compare different loans and lenders.

“You should be able to depend on the cost disclosures in the Loan Estimate as the final amounts you’ll pay, because lenders face steep penalties if they charge you more at closing,” said Sandra Barker, an FDIC senior policy analyst. “And ask for an explanation of any fee you do not understand.”

Negotiate for the best possible deal. Once you know what each lender or broker has to offer, ask if they can give better terms than the original ones they quoted or than those you have found elsewhere. “Try to negotiate a waiver on charges such as application fees or a break on some of your closing costs,” Barker added.

Lock in a loan offer you like. If you are satisfied with the negotiated terms from a lender or mortgage broker, consider obtaining a written “lock-in.” It should include the rate agreed upon, the period the lock-in lasts, and the number of “points” (fees) to be paid to the lender or broker for the loan. (Usually, the more points you pay, the lower the interest rate.) A fee also may be charged for locking in the loan rate, but sometimes it may be refundable at closing.

If you're considering borrowing money using a reverse mortgage, take precautions before you agree to anything. Reverse mortgages allow homeowners over age 62 to borrow against their home’s “equity” (the current market value minus the outstanding mortgage balance) and don’t need to be repaid until the borrower dies, moves or no longer lives in the property. A reverse mortgage can be a good option for individuals near or in retirement because it typically offers monthly, lump-sum and other payout options. But, a reverse mortgage can be complicated and it might not be right for you. One big reason a reverse mortgage might not fit your needs is that the loan balance and the interest owed will increase over time, so you and your heirs might have to refinance or sell the house to have enough money to pay off the loan.

If you want to shop for a reverse mortgage, we suggest you consider the following:

Ask a reputable housing counselor for an unbiased opinion about your suitability for a reverse mortgage, including the financial and tax implications.

Consider a Home Equity Conversion Mortgage (HECM), which is generally a less expensive reverse mortgage, partly because the federal government insures it. In addition, HUD requires borrowers to receive counseling and undergo a financial review before getting a HECM. You also may find attractive reverse mortgage alternatives offered by state and local government agencies, nonprofit organizations and other lenders.

Take your time. A reverse mortgage isn’t something to rush into. You should stop and check with a counselor or someone else you trust before you sign anything, and if you don’t understand the cost or features of a reverse mortgage or you feel pressure or urgency to complete the deal, walk away.

To learn more about shopping for a mortgage, read Looking for the Best Mortgage, tips published by the FDIC and other federal government agencies. The FDIC also has published an online Affordable Mortgage Lending Guide that is primarily designed for bankers but provides helpful information about mortgage programs for low- and moderate-income people and communities.

July 19, 2017

Discover the many ways that technology in the classroom can breathe new life into your lessons when you register for the Teaching with Technology Conference from Magna Publications. Join us In October for this deep dive into bringing tech into your course design.

Whether you teach online, face-to-face, or both, you’ll obtain proven ways to enhance everyday teaching and learning as well as engage deeply with your students and elevate their academic achievement.

Over the course of two-and-a-half days, you’ll interact with faculty, instructional designers, faculty developers, and higher education professionals from around the globe who are committed to advancing pedagogical goals with the aid of technology.

How this conference helps you

You’ll learn from thought leaders and teaching colleagues who want you to succeed. As you attend the sessions, you’ll gain the skills and confidence to find the right technology that supports your teaching objectives. You’ll see how to connect with your students through innovative technology and ignite their drive to excel. You’ll learn how to implement these new ideas and tools into your curriculum.

Why you should attend

Coming to this conference will expose you to the newest thinking on leveraging technology that improves teaching and learning. You’ll get a range of opportunities:

Who should attend

This conference can inform and engage higher education professionals from across campus, but it will be most relevant for:

New faculty members who want to use tech in their classrooms

Faculty who already use technology in teaching and want to become more proficient

Veteran educators who want to sharpen their technology expertise or revitalize their courses

Educators who are transitioning to flipped or online teaching

Technology aficionados who want to learn from and network with like-minded peers

Faculty developers or department chairs who are looking for new ideas to implement on a broad scale

Register today and guarantee your spot at the Teaching with Technology Conference. This event will help you create a richer learning experience for your students and a more rewarding teaching experience for yourself.

On June 1, 2017, Governor Hickenlooper signed SB17-215 Sunset Licensed Real Estate Brokers and Subdivision Developers into law. Aside from continuing the regulation of real estate brokers and subdivision developers until September 1, 2026, the law modifies some of the regulatory requirements for real estate brokers. The changes are as follows:

Employing brokers:

Effective January 1, 2019, a real estate broker cannot act as an employing broker without having first demonstrated that the broker possesses the experience and knowledge sufficient to enable the broker to employ and adequately supervise other brokers, as appropriate to the broker’s area of supervision. The Real Estate Commission will need to promulgate rules to establish the experience and knowledge requirements for employing brokers, including how one demonstrates possession of those abilities. The Division has assembled a taskforce to assist the Commission in drafting the rules for employing brokers. Prior to January 1, 2019, the Commission will need to audit the existing employing brokers to ensure that they possess the education and experience requirements established by the Commission rules.

Composition of the Real Estate Commission:

Effective June 1, 2017, the Real Estate Commission now consists of two members of the public at large and three real estate brokers, with not less than five years’ experience in the real estate business in Colorado, one of whom has substantial experience in property management. Governor Hickenlooper has appointed Carolyn Rogers to serve as the real estate broker with substantial experience in property management. Ms. Rogers has over 30 years’ experience as a licensed real estate broker practicing property management.

License expiration dates:

Real estate brokers will transition from an anniversary date expiration date to a December 31st expiration date. Real estate broker licenses are still valid for three years. We are working on configuring the licensing database to begin resetting the expiration dates, along with charging the appropriate renewal fees. We anticipate that the system will begin issuing December 31st renewal dates when people begin renewing their licenses on January 1, 2018.

Deferred sentences:

The Commission has the authority to investigate and discipline a real estate broker who has been convicted of, plead guilty to, or entered a plea of nolo contendere (“no contest”) to any of the crimes listed in 12-61-113(1)(m), C.R.S. The law was modified to clarify that a “conviction” includes the imposition of a deferred judgment or deferred sentence.

Referral fees:

The law was modified to require that a referral fee can only be paid by a licensed real estate broker when reasonable cause for payment of a referral exists and payment or receipt of a referral fee is allowable under the Real Estate Settlement Procedures Act of 1974. Reasonable cause for payment is defined in 12-61-203.5, C.R.S.

Standard forms:

12-61-803, C.R.S. was revised to allow real estate brokers to complete standard forms for use in a real estate transaction, including standard forms intended to convey personal property as part of the real estate transaction, when a real estate broker is performing any of the activities listed or referenced in 12-61-101(2), C.R.S. The law was modified to define a standard form as:

A standard form promulgated by the Real Estate Commission for use by brokers;

A form drafted by a licensed Colorado attorney representing the broker, employing broker, or brokerage firm, so long as the name of the attorney or law firm and the name of the broker, employing broker or brokerage firm for whom the form is prepared are included on the form itself;

A form provided by a party to the transaction if the broker is acting in the transaction as either a transaction broker or single agent for the party providing the form to the broker, so long as the broker retains written confirmation that the form was provided by the party to the transaction;

A form prescribed by a governmental agency, a quasi-governmental agency, or a lender regulated by state or federal law, if use of the form is mandated by such agency or lender;

A form used with the written approval of the Colorado Bar Association or its successor organization and specifically designed for use by brokers in Colorado, so long as the form is used within any guidelines or conditions specified by the Colorado Bar Association or successor organization in connection with the use of the form;

A form used for disclosure purposes only, if the disclosure does not purport to waive or create any legal rights or obligations affecting any party to the transaction and if the form provides only information concerning either:

The real estate involved in the transaction specifically; or

The geographic area in which the real estate is located generally;

A form prescribed by a title company that is providing closing services in a transaction for which the broker is acting either as a transaction broker or as a single agent for a party to the transaction; or

A letter of intent created or prepared by a broker, employing broker, or brokerage firm so long as the letter of intent states on its face that it is non-binding and creates no legal rights or obligations.

A broker shall use a commission-approved form when such form exists and is appropriate for the transaction.

A broker’s use of any standard form provided by a party to a transaction or a government agency/quasi government agency/lender is limited to inserting transaction specific information within the form

In using a standard form drafted by a Colorado attorney, issued by COBAR, used for disclosure purposes only, prescribed by a title company, or a letter of intent, a broker may advise the parties as to the effects thereof, and the broker’s use of those standard forms must be appropriate for the transaction and the circumstances in which they are used.

In any transaction in which the broker is acting as a single agent or transaction broker, the broker SHALL advise the parties that the forms have important legal consequences and that the parties should consult legal counsel before signing such forms.

The Commission will need to revise its existing regulations regarding forms usage (the F rules), which you can expect to see later in 2017.

Finally, SB17-215 merged all of the existing cash funds into the Division of Real Estate Cash Fund. The Division will internally track the expenditures and revenues of the different regulatory programs rather than having individual cash funds in place for each program.

July 17, 2017

Recently I was asked three times essentially the same question: “What do I do with a backburner prospect (BBP) to stay in touch and not lose his/her potential business?”

For example:

“I met with a homeowner who wants to sell his home ‘sometime;’ maybe by the end of the year.”

“I hold frequent open houses and meet many visitors who have ‘just started looking;'” and

“A friend asked me to ‘keep an eye out’ for a particular kind of home in a particular neighborhood.”

Since they asked, here are my thoughts on the matter!

First and most important…DO NOT put the BBP on any sort of drip campaign or systematized follow-up!!!! Puh-leeeaze! That’s what every other real estate agent is doing (and yes, they are likely talking to several) and trust me, being added to a drip campaign doesn’t endear you to anyone.

What to do instead? Howzabout this? Follow-up personally each and every time you do follow-up (to be discussed shortly). Put a reminder in your planner at appropriate intervals to check in with your BBP, no pressure or pitches, to remind them that you’re ready, willing and able to help when THEY are ready (see below).

Second, add the BBP to your regular Sphere of Influence communications if you do any – i.e. your mass email distribution list or snail-mail/doo-dad list.

Third, when you do follow-up with your BBP come armed with something of value (besides just “Are ya ready to buy/sell yet? Huh? Huh? Huh?”). This should be easy enough – if it’s a homeowner wanting to sell at some point, let her know when a neighboring property comes on the market, goes under contract or closes. And if previewing is allowed in your market, make a point to preview new listings in the area as they come up.

If it’s a BBP buyer, just keep an eye on the market he’s interested in. Put yourself on an auto-search for them and make an effort to preview new listings that come up so you can speak intelligently about them when you follow-up. Again, don’t just put THEM on an auto-search and hope they contact you if they see anything interesting… be more proactive than that!

And finally, when you do check in, never pressure your BBP that they need to BUY NOW or SELL NOW. In fact, just the opposite. Be casual, low-pressure, patient… “Just checking in – when you’re ready, I’m ready!”

Now, what if your BBP doesn’t respond to your check-ins? Don’t fret! They may have changed their minds about buying or selling and it’s nothing personal. Or they might have other things going on right now and you are a low priority for them (again, it’s not personal). But if you’ve checked in several times with no response, just make a final call/email saying “I don’t want to bug you, so I’ll leave the ball in your court. Just track me down when you need me and I’ll be ready!” I think you’ll be pleasantly surprised how often they will call you to apologize for not being responsive!

Guest Author Jennifer Allan-Hagedorn has authored seven books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm. You can also visit her online at www.sellwithsoul.com or attend one of her free teleseminars on a variety of topics of interest to the real estate community.

July 14, 2017

WASHINGTON — More than 719,000 taxpayers received plain-language Tax Tips directly to their email inbox during this past tax filing season and got the information they needed to help them file their taxes.

Because taxes are year-round for many taxpayers, and many taxable situations arise during the summer months, the Internal Revenue Service offers a Summertime Tax Tip program that begins July 3. The IRS is encouraging taxpayers to sign up now for this email service to help them get a jump-start on their taxes and learn about the tax implications of events that often occur during the summer months.

The Summertime Tax Tip series, which offers helpful consumer tips written in plain language, covers a wide range of important subjects.

Some of the 2017 Summertime Tax Tip topics include:

Tax scams don’t take vacation; what’s out there now

Teens and summer jobs

Vacation home rentals – tax implications

Getting married? Tax implications you need to know

IRS notices – What you could receive in the mail from the IRS

The IRS Tax Tips email service is available in English and Spanish. It provides new IRS Tax Tips via e-mail three times a week during the months of July and August. Subscribers will also receive a Tax Tip each day of the week during the tax filing season and Special Edition Tax Tips that are issued for “hot topics” that arise throughout the year.

Taxpayers can sign up to receive IRS Tax Tips automatically for free on www.irs.gov. From the Subscriptions link on the top right of the IRS website, choose “IRS Tax Tips” on the drop-down menu, and then click on “Subscribe.” Click on “more,” on the drop-down menu, to subscribe to the IRS Tax Tips in Spanish.

The IRS also has a number of other e-subscriptions to which taxpayers, tax professionals and others may subscribe to receive tax information via email from the IRS during the tax-filing season and the rest of the year.

July 12, 2017

The following consumer alert was published by CalBRE, the California Bureau of Real Estate. Some sections have been edited to fit the majority of tenant assistance situations.

The real estate market in California (and other markets) is hot and some people searching for apartments and home rentals are getting burned by purchasing useless rental listings.

Crooks are ready to take advantage of the unwary by selling listings of rentals that either aren’t available, don’t exist or are in foreclosure.

The California Bureau of Real Estate (CalBRE) warns consumers not to become a victim of such scams, which are most prevalent in areas where affordable rental housing is difficult to find.

A prepaid rental listing service is a business that supplies people with lists of residential properties for rent. The prospective tenants are required to pay a fee in advance or at the time the listing is provided. This business requires a prepaid rental listing service (PRLS) license from the Bureau of Real Estate or the person running the business must be licensed with the Bureau as a real estate broker.

Wayne Bell, Real Estate Commissioner, and CalBRE chief officer, says that consumers must be careful when using PRLS companies and offers this information to help you avoid problems.

Red Flags

The PRLS company only accepts cash (because credit cards allow for disputing charges).

The PRLS company guarantees the prospective tenant will get a rental in his or her price range, as well as a desired location, along with other positive options (such as allowing pets).

The list of rentals is handwritten and not computer generated.

The company does not provide property management or owner contact information for a prospective renter to schedule an appointment to visit the property.

The company asks the consumer to contact them instead of the property manager or owner if there is an interest. Typically, a PRLS company will provide you rental property addresses and property manager or owner information so that direct contact can be made by the client.

Company representatives use only first names. Note: Last names may be omitted and first names are often changed to avoid detection by law enforcement or to keep from being sued.

The company has only been in business for a brief period of time. Some PRLS companies open, quickly close, and move around a lot to avoid customers seeking refunds.

Avoid Being a Victim

Check the real estate and/or property management license. Scammers will just take your money and there is no recourse.

If the company is not licensed, consumers should not use that company and should report the company to a state agency.

If licensed, also check with the local Better Business Bureau.

Do a Google, Yahoo or Yelp search on the Internet to see what others say about the company.

Read Your Contract with the Company

Protect yourself by reading your contract carefully. Before any company accepts a fee for rental listings it must provide a contract stating the amount of the fee and specify what services will be performed in exchange for the fee.

The contract must include a description of the kind of rental unit the consumer wants to find.

Even if the contract is signed electronically, consumers can and should still request a printed copy of the contract. This must be provided within five working days of a request.

Consumers need to be sure the contract states exactly what sort of rental listings will be provided. For instance, if a consumer is looking for a specific number of bedrooms, a maximum rent amount or listings in a specific area, this must be written into the contract.

The contract must state an expiration date of no more than 90 days from the date it is signed.

The company must also disclose small claims court remedies available to you should any issues arise.

If the company fails to provide the specified features, this is one of several conditions that would form a basis for the customer to receive a refund.

Prospective renters using a property management must carefully review the refund section of the contract. It is important to understand what rights you have should a refund be requested.

If you feel you have been the victim of a prepaid rental listing service licensee, please file a complaint. And if you have been victimized by an unlicensed scammer, CalBRE wants to know. Contact them at 1-877-373-4542.

July 10, 2017

Your listing agreement is signed and you’re heading out to install the lockbox and yard sign for your fabulous new listing! By this afternoon, the property will be entered into the MLS, and hopefully your fancy-schmantzy home brochures will be delivered by the end of the week.

Whew! You’re done, right? Time to move onto the next listing prospect!

Well, that’s up to you, but I don’t recommend it.

Those first two weeks of a new listing provide a beautiful window of opportunity to knock the sox off your seller and cement your position as his or her all-time favorite real estate agent. Oh, and by knocking the sox off your new seller out of the gate, you’ll buy yourself a little grace if, down the road, you unintentionally drop the ball (it happens)!

When you put a new listing on the market, strive to have contact with my seller every single day for the first week; and into the second week if possible. Remember, while listing another home may be just another day at the office for us, it’s a monumental event for most home-sellers. They are watching your every move (or lack of movement) very closely – AND – commenting on those moves (or lack thereof) to their peers.

So, what can you do to knock some sox those precious first two weeks of a new listing?

Send the sellers a copy of the MLS listing and ask for their blessing

Send the sellers a draft of the home brochure and ask for their blessing

Prepare a market report with the number of showings and virtual tour hits, along with an update on the status of the competition.

After the first two weeks, you can slow down your attention a bit, although of course, do continue to provide showing feedback and check on brochures and such. Every 2-3 weeks, send an updated market activity report, and at six weeks, prepare a full CMA and schedule a meeting with the sellers to discuss it.

If your seller feels you’re being TOO attentive, he’ll probably let you know, but I really doubt that will be a problem!

Any other ideas of reasons to contact a seller? Please share!

Guest Author Jennifer Allan-Hagedorn has authored seven books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.